Why credit checks are carried out and what happens if you have a poor credit rating
When you lease a car there’s a procedure that you must go through before your application is accepted.
Firstly, you must be aged 18 or over and hold a full UK driving licence if you wish to drive a lease car and secondly a credit check will be carried out to make sure that you’re going to be able to cover the monthly payments.
There’s a number of things that can affect your credit score, some of which can affect it in a positive way and some that can have a negative affect.
Some of the different things to be considered are whether you have a credit card and how much you pay off it each month, how long you have lived at your current residence, do you have CCJ’s, have you any personal loans and do you pay your credit agreements on time.
It’s very easy to find out what your credit score is by using one of the websites available that offers this service such as Experian and the best advice before thinking of leasing a car is to do a self credit check.
If your credit score isn’t as good as you thought it might be don’t panic as there’s still a possibility that you will be able to lease a car.
If your credit rating is poor there might be a chance that your monthly payments are slightly higher, plus you choices could be more limited than they were, however, as long as you have a regular, secure income you will more than likely be approved for a lease contract.
Please click here to find out more about our business/personal car leasing services and amazing offers, or call us NOW on 01904 55 75 44.